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Press Release: Energy Saving Window Film Market to Surpass US$ 1,931.4 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Energy saving window films not only helps in conserving energy and maintaining the temperature indoors, but also protects the inside environment from harmful ultra-violet radiation of the sun. The global energy saving window film market is projected to surpass US$ 1,931.4 million by the end of 2027 in terms of revenue, exhibiting a CAGR of 9.5% during the forecast period (2020 to 2027).
Drivers
Growing end-use industries such as construction, among others is expected to drive growth of the global energy saving window film market during the forecast period. For instance, according to the Global Construction Perspectives and Oxford Economics, the global construction industry is expected to reach US$ 17.5 trillion by 2030, which is US$ 8 trillion rise from 2015.
Among region, North America held dominant position in the global energy saving window film market in 2019, reporting 45% market share in terms of revenue, followed by Asia Pacific and Europe.
Figure 1. Global Energy Saving Window Film Market Revenue Share (%), By Region, 2019
Market Restraints
The energy saving window film with a dark tint may significantly affect the visibility of people inside the house or the car, while a film with a shiny outer coat can give windows a dark or shiny external appearance and thereby, make the glass appear colored due to reflection of some bands of visible light. These factors are expected to restrain growth of the energy saving window film market over the forecast period.
Market Opportunities
Key players are focusing on launching new products in the energy saving window film market to create growth opportunities at a global level. For instance, in May 2015, 3M launched its Ultra Clear Energy Saving Window Film Kits to its Home Energy Savings solutions product line. This window film is do-it-yourself (DIY), which will help in blocking UVA and UVB rays along with 35% of sun heat.
Figure 2. Global Energy Saving Window Film Market – Opportunity Analysis
Market Trends
Rising awareness regarding environment is expected to be a trend, as it focuses on reducing carbon emissions. CO2 emission from buildings is a major factor contributing to the overall energy loss. Window panels are a major component of the building fabric with considerable influence on the energy performance and are accountable for the building’s overall energy loss. Therefore, the demand for energy saving window films is expected to rise during the forecast period.
Figure 3. Global Energy Saving Window Film Market Revenue Share (%), By Application, 2019
On the basis of application, the energy saving window film market is segmented into construction, automotive, marine, and others. In 2019, the construction segment accounted for 52% of the revenue share.
Global Energy Saving Window Film Market - Impact of Coronavirus (Covid-19) Pandemic
The global energy saving window film market is expected to witness a declining growth in 2020, owing to the severe impact of Covid-19 pandemic. Application segments such as construction are expected to grow during the forecast period. However, automotive and marine, among others are expected to witness a declining demand. Furthermore, the demand for energy saving window film is expected to decline due to decline in sales in emerging economies such as India, among others, owing to low disposable income in these countries as compared to regions such as North America and Europe in the near future.
Competitive Section
Key players operating in the global energy saving window film market include 3M, Saint-Gobain, Solar Window Technologies, Inc., American Window Film, Inc., Madico, Inc., PR Solar Window Film Ltd., Dingxin Films Technology Co. Ltd., Nexfil USA, and Eastman Performance Films, LLC.
The global energy saving window film market is expected to exhibit a CAGR of 9.5% during the forecast period, owing to rising application of these films in construction and automotive industries, among others.
Among application, the construction segment held dominant position in the global energy saving window film market in 2019. With the increasing awareness regarding sustainable living and increased disposable income, people have started switching to constructing green buildings over conventional office/residential spaces. This trend is expected to boost demand for energy saving window films during the forecast period.
Among regions, Asia Pacific is expected to account for a significant market share during the forecast period (2020-2027), owing to increasing population in this region. Apart from population, factors such as increasing disposable income, increasing construction activities, and growing automotive industry are also expected to increase demand for energy saving window films in this region during the forecast period. For instance, as per the World Bank data, in 2015, China recorded a population of 1.37 billion, which increased and reached 1.39 billion by 2018. Furthermore, as per the National Bureau of Statistics of China, in 2019, China's per capita disposable income was recorded at US$ 4,462 and the per capita disposable income in rural areas was higher than that in urban areas. Moreover, as per the World Resources Institute, China is expected to spend around US$ 13 trillion on buildings by 2030. Such increasing construction activities in Asia Pacific is expected to boost demand for energy saving window films in this region during the forecast period.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
* Browse 40 market data tables* and 20 figures* on "Energy Saving Window Film Market” - Global forecast to 2027.
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